Economic Outlook | June 2021
Pent-up demand drives rebound
The last few months have demonstrated that the Canadian and global economies remain susceptible to the progression of the pandemic. Canada’s third wave hit hard, necessitating the reintroduction of strict public health measures and resulting in the economy contracting in April.
Due to the vaccination campaign’s incredible momentum, we expect growth to accelerate sharply during the summer and continue to expand at a fast pace over the remainder of this year and into early 2022 as Canadians partake in social activities that have been limited since the start of the pandemic.
Despite some pressing concerns around debt levels and weak business investment, the overall economic outlook in the near term is unequivocally positive.
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Craig Alexander is the first Chief Economist at Deloitte Canada. He has over twenty years of experience in the private sector as a senior executive and leading economist in applied economics and forecasting. He performed macroeconomic research, regional and sector analysis, and fiscal market forecasting and modelling.
Craig is a passionate public speaker and holds a graduate degree in Economics from the University of Toronto.